And apart from the personal allowance, so you can earn enough to cover the basics tax free, if you earn twice as much, you should pay twice as much in tax.
Families were asked to waive their right to sue, in exchange for a fast and straightforward process that would award a basic tax-free $250,000 payment for every death, then increase it to reflect a family's economic loss as a result of the death.
In the 1999 settlement, successful plaintiffs filing basic claims received $50,000 tax free.
Unlike a cut in the basic rate, raising the tax free allowance does not have the effect of reducing everyone's tax burden by the same fraction.
In an upbeat address lasting just over an hour, Osborne courted pensioners by making the first £1,000 of savings income tax free for a basic rate taxpayer.
Someone who opens all four accounts would be able to put aside £29,500 and earn £1,025 in interest – of which £1,000 would be tax free so long as the person is a basic rate taxpayer.
But if they are, I've got a plea for Vince Cable: let's use them to raise the tax free allowance, and not to take further pennies off the basic rate.
Eligible entrepreneurs will also be offered access to basic tax and legal consulting and business services from partners like PricewaterhouseCoopers, and will receive free credit to run their online business on the Amazon Web Services hosting platform.
In Australia, gambling winnings are tax free.
Osborne said that from April 2016 all basic rate tax payers – those earning less than £42,700 – will be able to earn up to £1,000 a year in interest on their savings completely tax free.
